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CityDev kept at ‘buy’ as property group gears up for new launches

PC Lee
PC Lee11/10/2017 01:02 PM GMT+08  • 2 min read
CityDev kept at ‘buy’ as property group gears up for new launches
SINGAPORE (Nov 10): DBS is maintaining its “buy” call on City Developments with target price of $14.03 mainly on re-pegging the valuation on Millennium & Copthorne to NAV.
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SINGAPORE (Nov 10): DBS is maintaining its “buy” call on City Developments with target price of $14.03 mainly on re-pegging the valuation on Millennium & Copthorne to NAV.

CityDev has announced a possible cash offer to acquire all the outstanding Millennium & Copthorne Hotels shares for 552.5 pence per share in cash plus special dividend.

With the Singapore property market in the nascent stages of an upturn, DBS sees CityDev as a key proxy to upward trends in the Singapore residential market and has historically traded up to 1.2x-1.3x P/NAV, which the research house’s target price implies.

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